Capistrano Unified School District Community Facilities District 92-1, CA Rating Raised To 'A+' On Updated Methodology

CENTENNIAL (S&P Global Ratings) Jan. 10, 2019--S&P Global Ratings raised its 
long-term rating to 'A+' from 'A' on Capistrano Unified School District 
Community Facilities District (CFD) No. 92-1, Calif.'s special tax bonds. The 
outlook is stable. 

The rating reflects the application of our updated methodology, titled "Special
Assessment Debt," published on RatingsDirect on April 2, 2018.

"The stable outlook reflects our expectation that the economy will remain 
robust given its access to a broad and diverse metropolitan stastiscal area, 
very strong incomes, and low unemployment rate," said S&P Global Ratings 
credit analyst Angel Bacio. "We anticipate delinquencies in the district will 
remain low."

The bonds are secured by a pledge on all special taxes collected from mature, 
developed, occupied property within the district. We understand that the bonds 
require a reserve funded at a level equal to the least of 100% of MADS, 125% 
of average annual debt service, or 10% of the original par amount. The lien is 
closed, except for refunding purposes.